Zimbabwe’s mobile payments suspended due to crisis

Zimbabwean authorities have banned mobile payments on its territory due to the increasingly difficult economic environment. The National Stock Exchange also received an order to terminate trading. Thus, officials are trying to combat financial crime and economic sabotage.

At the same time, the popular mobile payment system for money transfers in Zimbabwe, Ecocash, will no longer be able to provide services to its customers. It is known that the company has already refused to fulfill the government’s order, noting that it can receive such orders only from the country’s main financial regulator, the central bank.

The local Bitcoinke publication notes that Ecocash takes a leading place in the country among platforms where users buy Bitcoin, and at an overvalued cost (about + 18% of the market price).

We add that the country is experiencing regular economic crises: recently, the national currency rate has fallen to the US dollar, and inflation has exceeded 750%.